KARACHI: State Bank of Pakistan (SBP) issued an advisory on Wednesday, warning people against increasing number of offshore foreign exchange (FX) trading website, mobile application, and other related platforms.
The central bank decried digital platforms such as OctaFX, Easy Forex, and others that lure people through social media advertisements to buy/invest in their products or services.
“It is clarified for the interest of public that buying products and services being offered by aforementioned platforms by any person resident in Pakistan is prohibited and against the laws of the land,” SBP said.
Examples of such products include but not limited to foreign exchange trading, margin trading, contract for differences, etc, it added.
Any person in the country buying products or services of such offshore platforms and remitting foreign exchange directly or indirectly to them through any payment channel would make himself/herself liable to be proceeded against for violation of provisions of the Foreign Exchange Regulation Act, 1947 (FERA), SBP warned.
SBP notified that such platforms are neither regulated by the central bank nor by Securities & Exchange Commission of Pakistan (SECP).
It advised the public to refrain from buying/investing in products and services of such offshore platforms to avoid any potential loss and legal proceedings under FERA.
People walk out of a branch of Mashreq bank at Dubai Internet City on Feb. 5, 2012. — Reuters/FileKARACHI: Mashreq...
A Dubai Islamic Bank building seen in this undated photo. — The News/File KARACHI: Dubai Islamic Bank Pakistan...
The picture shows the building of the Securities and Exchange Commission of Pakistan photo. The News/FileISLAMABAD:...
A representational image of gold bangles. — AFP/FileKARACHI: Gold prices in the local market dropped by Rs500 per...
This representational image shows the Electric Cars. — Unsplash/FileNew York: Global policymakers are imposing new...
This image portrays a "Tax Return" written by a typewriter. — Unsplash/FileLAHORE: The government is planning to...